12.5 C
New York
Wednesday, May 25, 2022

Pintec Technology Holdings Ltd. (PT) Stock Plunging in Premarket, Here’s Why

 Pintec Technology Holdings Ltd. (PT), a company that operates an online technology platform that enables financial services in China, has plunged 18.70% in the premarket trading session. As a result, the stock is trading at $1.13 at the time of the writing. The decline could be attributed to the profit-taking factor after the stock went berserk during Friday’s regular trading session, as it rocketed by 55.31% and closed the day at $1.39. Let’s discuss some recent developments related to PT.


Here's Your FREE Report on the #1 Small-Cap Uranium Stock of '22.
Small-cap Uranium stocks are booming in 2022! The company we're about to show you is the ONLY small-cap stock in the space that benefits from ALL aspects of the global Uranium industry with none of the risks of running a mine. Smart investors will not be hesitating on this one!
Get the FREE Report with all the details here. .

Sponsored


Receipt of Notice from NASDAQ

On the 10th of December, PT announced the receipt of notification from NASDAQ regarding the non-compliance with the minimum bid price requirement which is mentioned in Listing Rules for continued listing on the NASDAQ Stock Exchange. The company’s ADS had a closing price of less than $1 over the consecutive period of 30 days. The company said that it complies with all the other NASDAQ continued listing standards.

1HFY2021 Operational Results of PT

In late October, PT released the operational results for the first half of the fiscal year 2021. The period ended on 30th June 2021. The total revenues generated by the company during the period were RMB42 million against RMB251.6 million for the same period of 2020. The operating loss for the six months was RMB34 million against RMB100 million for the same period of 2020. The net loss bore by the company during the said period was RMB41 million against RMB104.2 million for the same period of 2020.

Executive Commentary

Mr Victor Li, Chief Executive Officer of PT, while commenting on the results said that the company has continued to adjust insurance models alongside expanding the strengths of its brands as well as deepening its partner channels and vigilantly managing the risk profile while enhancing its asset quality. The company has continued to solidify its partnerships, satisfy its clients and improve its overall delinquency rates.

Future Outlook for PT

During the last month, PT stock has surged more than 200%, owing to the short-term trade of the stock. Looking ahead, analysts believe that the stock could provide positive returns to the investors in case of long-term investment as well. Hence, potential investors should keep a close eye on the stock.

Related Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest Articles